Simple and Compound Interest
Flashcard
•
Mathematics
•
8th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is Simple Interest?
Back
Simple Interest is the interest calculated only on the principal amount, or the original amount of money borrowed or invested.
2.
FLASHCARD QUESTION
Front
What is the formula for calculating Simple Interest?
Back
The formula for Simple Interest is: SI = P * r * t, where SI is Simple Interest, P is the principal amount, r is the rate of interest per year, and t is the time in years.
3.
FLASHCARD QUESTION
Front
What is Compound Interest?
Back
Compound Interest is the interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods.
4.
FLASHCARD QUESTION
Front
What is the formula for calculating Compound Interest?
Back
The formula for Compound Interest is: A = P (1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount, r is the annual interest rate, n is the number of times that interest is compounded per year, and t is the number of years.
5.
FLASHCARD QUESTION
Front
How does Compound Interest differ from Simple Interest?
Back
Compound Interest is calculated on the total amount (principal + accumulated interest), while Simple Interest is calculated only on the principal.
6.
FLASHCARD QUESTION
Front
What is the principal amount in interest calculations?
Back
The principal amount is the initial sum of money that is either invested or borrowed, before any interest is added.
7.
FLASHCARD QUESTION
Front
What does 'rate of interest' mean?
Back
The rate of interest is the percentage at which interest is calculated on the principal amount, usually expressed on an annual basis.
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